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Cathie Wood’s ARK Invest is buying the dip in BitMine Immersion Technologies, backing Tom Lee’s Ethereum treasury strategy by socking $15.6 million into the firm after its stock tumbled more than 7% on Wednesday.
ARK bought the BitMine shares across three of its ETFs (exchange-traded funds), according to the company’s latest trading filings. These funds are the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
Cathie Wood’s ARK Invest is aggressively accumulating shares of Bitmine.
Bitmine = Ethereum Treasury.$ETH is the Wall Street play right now.
Don’t be underexposed. pic.twitter.com/6oVC4XGly7
— Ted (@TedPillows) August 16, 2025
ARKK bought 227,569 BitMine shares, while ARKW and AKRF purchased 70,991 and 40,553 shares, respectively.
Lee has rapidly transformed BitMine into the world’s largest corporate Ethereum treasury, holding 1.7 million ETH tokens valued at $7.8 billion, according to data from StrategicETHReserve.
ARK’s move signals that Cathie Wood is aligning with Lee’s strategy, buying into BitMine’s growing influence in the Ethereum ecosystem when opportunities emerge. It’s a strategy Wood has used in crypto stocks from Coinbase to Robinhood Markets and Block Inc.
BitMine share price chart (Source: Google Finance)
Selling activity continued in the after-hours trading session, with BitMine’s share price falling another 2.2%.
The recent drop in BitMine shares has extended the stock’s losses over the past week to more than 8%. Despite this, the stock is still over 31% in the green on the longer-term monthly time frame.
BitMine Shares Start To Move In Opposite Direction To Ethereum
While BitMine is often seen as a proxy for Ethereum’s price, the altcoin leader has managed to gain while the company’s stock pulls back.
On the 7-day time frame, ETH is up over 6% despite a 1% drop in the last 24 hours to trade at $4,565.49 as of 1:30 a.m. EST.
That’s after it achieved a new all-time high (ATH) at $4,953.73 just three days ago. Since reaching this new peak, the altcoin has corrected more than 7%. This could be one of the reasons why BitMine’s share price has tumbled over the last week.
According to Lee, who is also Fundstrat’s CIO, the altcoin leader could still go on to reach new highs before the year is over.
During an Aug. 26 guest appearance on the Amitis Investing program, Lee predicted that ETH could rally to $5,500 in the near term. He also shared a more ambitious target of $12,000 by the end of the year.
He says institutional Wall Street sentiment towards Ethereum has shifted substantially since the US Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which was also signed into law by President Donald Trump.
That shift is being driven by the fact that Ethereum is the foundational blockchain infrastructure for traditional finance (TradFi), facilitating the majority of stablecoin activity in the Web3 space, he said.
On-chain data from DefiLlama corroborates his observation. According to the decentralized finance tracker, Ethereum currently holds 60% of the total valued locked (TVL) across all blockchains, with $94.107 billion locked up on the chain.
The next-biggest blockchain by this metric is Solana, with its 7.34% share of the market.
SharpLink Gaming Loads Up On More ETH
While BitMine maintains a comfortable lead in the ETH treasury market, the second-largest corporate Ethereum holder, SharpLink Gaming, also appears to be positioning to grow its stockpile.
SharpLink Gaming, who Ethereum co-founder Joe Lubin is Chairman of, currently has $797.7K ETH on its balance sheet worth around $3.63 billion.
According to on-chain data by Arkham Intelligence cited by Lookonchain, the company recently transferred another $23.46 million in Tether’s USDT to Galaxy Digital. Lookonchain said that this move was to buy more ETH.
If this recent move is followed by another ETH purchase, it would be just 48 hours after the company bought 56.5K ETH on Aug. 26.
That purchase was for $252.3 million when the altcoin was trading at $4,462.
Whales are also buying more ETH. In an earlier X post, Lookonchain noted that 4 new wallets have received 78,891 ETH from FalconX over the past 30 hours. In its post, Lookonchain speculated that these new wallets could be linked to BitMine.
Whales/Institutions Keep Buying $ETH!
Over the past 30 hours, 4 fresh wallets(possibly related to @BitMNR) received 78,891 $ETH($358.16M) from #FalconX.https://t.co/MMqZajZQY9 pic.twitter.com/qmVN4DiG3O
— Lookonchain (@lookonchain) August 28, 2025
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